From spending years behind bars to steep fines, charges involving tax violations often turn lives upside down. In Minneapolis, Minnesota, and the rest of the country, these charges can affect those accused in other ways as well. For example, a business owner could lose their business as a result of tax charges or an individual may have a difficult time finding work because of their criminal record.
A man who used to own multiple movie theaters in Illinois recently pleaded guilty to tax evasion. As a result, he could be sentenced to prison for four to 15 years over tax evasion. Additionally, the man could receive a three to seven year sentence over fraud involving a financial institution. As part of his plea agreement, over 100 other charges including mail fraud and forgery were dropped.
The Attorney General’s office said the 59-year-old former theater owner’s tax evasion and bank fraud case totaled $6 million. The man, who is required to pay restitution, was released on bond.
When facing allegations of a tax crime, there are a number of considerations that people in this position may want to focus on. First off, each case is unique and requires an individualized approach. Those accused of a tax offense may have a variety of options on the table and it is crucial for people going through this to closely examine each one. For individuals and business owners alike, talking to a legal professional could help them develop a better understanding of how to handle tax charges appropriately.
Source: Chicago Tribune, “Ex-Hollywood Palms owner owes $6M back taxes: Madigan,” Bill Bird, July 7, 2016